Waldeck replaces Marcks as CEO of Prudential Retirement

US-based Prudential Retirement, a unit of Prudential Financial, has appointed Phil Waldeck as its new president and chief executive officer (CEO), with effect from June 5.

Waldeck succeeds Christine Marcks, who is set to retire after more than 13 years at the company, of which 10 were in the role of president and CEO.

Waldeck joined Prudential in April 2004 as part of its acquisition of Cigna’s retirement business. He currently leads Prudential Retirement’s investment and pension solutions business, which had $185 billion in institutional investment products account values as of March 31, 2017.

Yanela Frias, currently the Prudential Retirement’s head of structured settlements, has been appointed to succeed Waldeck as head of investment and pension solutions. She also previously served as Prudential Annuities’ chief financial officer.

Steve Pelletier, chief operating officer of Prudential’s US businesses, said: “Phil is a passionate advocate for retirement security who will build on Prudential Retirement’s impressive momentum to address unmet financial needs for both institutions and individuals, including increased access to workplace benefit programs and deeper engagement with participants."

"Under Chris’s leadership, Prudential Retirement created a talent-centered, customer-focused culture that has inspired and created significant business growth and innovation, resulting in greater retirement security for a growing market," Pelletier added.

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